An ambitious initiative to allow cross-border trading between several south-east Asian stock exchanges took a significant step towards completion yesterday with a firm commitment to technology for the project.
Four leading exchanges said they had signed a letter of intent at a meeting in Manila with NYSE Technologies, the technology arm of NYSE Euronext, the transatlantic exchange that owns the New York Stock Exchange.
The four – Bursa Malaysia, the Philippine Stock Exchange, the Singapore Exchange and the Stock Exchange of Thailand – are in the vanguard of moves towards a common board that could eventually include stocks from most of the 10 countries in the Association of Southeast Asian Nations.